This item is interesting on a couple levels. Digging into the link Charlie P posted, I notice a few things which might make this a very rare item or a very...interesting item.
Looking down the images from the link I come across one labeled "Le Phare" Reg'd No. 4330. The timer watch face has the words "The Paget" above the Reg. No.
Your example has a further line with "Tiffany & Co." The timer looks exactly the same but one has Tiffany on it and the other does not...hmm.
Further digging into the history of "Le Phare" which means The Lighthouse in French was a Swiss watch company started in the late 1880s by a couple fellas and eventually become known for making chronograph watch faces by the early 1940s, by the 1980s not too much is heard. I saw they provided some movements for Bulova (another watch maker) from time to time.
Now a little bit about Tiffany & Co as it relates to time pieces. Usually Tiffany who was not well known for making watches obviously but one of the areas they were known is silver. When Tiffany & Co did come out with very nice pocket watches, etc. usually they partnered with Patek Philippe & Co. which is almost universally recognized as one of the best watch brands in the world. Tiffany also had some of their own watches which did not bare the name of Patek Philippe but that was relatively recent.
Back to the regatta piece. While there were many other companies big and small that produced regatta stop watches, Le Phare was one in the pack neither the top of the heap nor completely unknown and I find it kinda interesting that Tiffany would partner with Le Phare in an area of wealth i.e. racing yachts and the associated pieces.
It is possible Tiffany contracted out their name to be branded on Le Phare pieces which might be what yours is, which is the only explanation I can think of for the "Tiffany & Co." logo the way it is written. The "&" that looks more like an "8" with a little "c" next to it, I have not been able to find another example where Tiffany ever printed it like that and they have undergone a few evolutions of the company logo and brands over the years.
Like I said, could be a one of a kind type item. More research may be needed before assessing values.
Could be worth some good money !! 
Like a space shuttle launch or something !! 
